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4/14/17
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Stos Partners has completed three commercial property transactions in Southern California, including the sale of a multi-tenant industrial asset in Rowland Heights, the acquisition of a single-story office building in Encinitas, and the acquisition of a two-story office building in San Dimas.
One of the transactions was the sale of Walnut Auto Center, a 30.2k sf multi-tenant industrial property located at 19116-19130 East Walnut Dr in Rowland Heights, which is comprised of eight automotive services tenants. The property, which Stos Partners acquired in 2015 for $5 mil, was purchased by a private investor for $6.6 mil.
The company made strategic renovations and was able to bring the property to full occupancy, secure long-term leases with all tenants, increase rents by 30%, and then sell the property at a premium, all within a very short 18-month hold period. Anthony DeLorenzo and Doug Mack of CBRE, in partnership with Josh Hayes of Colliers International, represented Stos Partners in the disposition.
In San Dimas, Stos Partners purchased a vacant 50.6k sf office building previously owned by ITT Technical Institute. Stos acquired the asset through a trustee sale for $5 mil.
The property is visible from the 57 Fwy and boasts a parking ratio of 6.5 per thousand. Stos plans to rehab the building’s exterior, re-landscape, upgrade the roof and HVAC system, and add new signage at the property, located at 650 West Cienega Ave. Taylor Ing with Newmark Grubb Knight Frank represented Stos Partners in the deal.
Stos Partners also acquired a vacant, 3.4k sf office building at 655 Second St in downtown Encinitas from an owner/user for $2 mil. The single-story asset, which is contiguous to Stos Partners’ headquarters, provides an opportunity for redevelopment and long-term investment returns.
Stos plans to market the property for lease to a single tenant or as executive suites while pursuing redevelopment entitlements. Options the firm is considering include redeveloping the property into a two-story asset that will attract modern office or retail tenants, or expanding their own company HQ by combining the two spaces.
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